Use the Following Scenario to Answer the Questions That Follow

question 100

Multiple Choice

Use the following scenario to answer the questions that follow.
Amy can produce either 5,000 pounds of cheese or 20 houses per year. Jim can produce either 5,000 pounds of cheese or 10 houses per year.
-If both Amy and Jim produce the good for which each has a comparative advantage,total output of this economy will be:

• A) 10,000 pounds of cheese.
• B) 30 houses.
• C) 10,000 pounds of cheese and 30 houses.
• D) 5,000 pounds of cheese.
• E) 5,000 pounds of cheese and 20 houses.

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Definitions:

Inquiry Testing

The process of examining questions or conducting tests to gather information and insights.

Unaided Recall

A measure of memory where respondents are asked to remember information without any hints or cues.

Jury Tests

A research method where a group of people are asked to evaluate, judge, or test a product, service, or idea, similarly to the concept of jury in a trial.

Tracking Tests

Evaluations used to continuously monitor a product's performance or the effectiveness of a marketing campaign over time.